A PYMNTS Company

US: Northstar Energy seeking triple damages in exposed oil bid-rigging scheme

By  |  February 26, 2013

Oil and gas field developer Northstar Energy is reportedly suing gas producers Chesapeake Energy Corp. and Encana Corp. for price-fixing, and seeking triple damages from the companies. The two defendants of the federal civil suit have admitted to discussions over forming a joint venture in Michigan, where Northstar is accusing the two of price-fixing, but the a deal was never reached. According to reports, the alleged collusion was exposed after an investigation by Reuters; Reuters had publicized uncovered emails between Chesapeake and Encana executives and include an exchange in which the companies suggest only one of the companies bid against Northstar in an auction to keep prices down.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Full Content: 24/7 Wallstreet

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.